Champagne Goes Flat for U.K. Bankers as Bonuses Fall

Protesters spray champagne outside the building where former Barclays Bank Chief Executive Bob Diamond gave evidence to a British parliamentary committee. Mr. Diamond acknowledged at the hearing in July that there had been “mistakes” and “reprehensible” behavior at the bank.

The Bank of England will be pleased, and the U.K. government relieved. Bankers, and anyone who relies on their sometimes lavish spending, will not.

Figures released by the Office for National Statistics Wednesday showed bonuses paid to workers in the financial services sector fell sharply in the financial year that ended in March. The total payout to all bankers was down 9% to £13 billion ($21.1 billion), and down 11% per worker.

Never before has the particular way particular people are paid been of such deep concern to U.K. policy makers, and the source of so much resentment by everyone else.